OneMain Holdings, Inc. (OMF) Earnings
OneMain Holdings, Inc. is expected to report next earnings on October 30, 2026 (in NaN days), with a consensus EPS estimate of $1.88. OMF has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +6.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $1.26 | $1.31 | +4.0% | $1.3B | +1.4% |
| May 1, 2026 | $1.92 | $1.95 | +1.6% | $1.3B | -0.4% |
| Feb 5, 2026 | $1.55 | $1.59 | +2.6% | $1.3B | +2.3% |
| Oct 31, 2025 | $1.61 | $1.90 | +18.0% | $1.3B | +1.8% |
| Jul 25, 2025 | $1.25 | $1.45 | +16.0% | $1.5B | +23.9% |
| Jan 31, 2025 | $1.12 | $1.16 | +3.6% | $1.2B | -0.3% |
| Oct 30, 2024 | $1.14 | $1.26 | +10.5% | $1.2B | +10.6% |
| Jul 31, 2024 | $0.90 | $1.02 | +13.3% | $1.1B | +16.8% |
| Apr 30, 2024 | $1.39 | $1.45 | +4.3% | $1.1B | +7.0% |
| Feb 7, 2024 | $1.37 | $1.39 | +1.5% | $1.1B | +20.6% |
| Oct 25, 2023 | $1.49 | $1.57 | +5.4% | $1.1B | +20.2% |
| Jul 26, 2023 | $1.27 | $1.01 | -20.5% | $1.1B | +12.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Financial and Credit Performance • Achieved strong profitable growth, with 10% year-over-year total origination growth and 7% year-over-year managed receivables growth (to $26.9 billion), outpacing Q1 2026's 6% growth rate • Early-stage delinquency trends improved significantly: 30-89 day delinquency declined 7 bps year-over-year, accelerating from Q1 2026's 1 bps decline; 30-89 day delinquency is down 28 bps year-to-date, outperforming 2025 and pre-pandemic improvement levels • Total GAAP net income was $152 million ($1.32 per diluted share), and capital generation totaled $229 million, up 3% year-over-year • Surpassed 4 million total customer accounts, a 14% year-over-year increase - Product Innovation and Growth • Core personal loan: Enhanced debt consolidation offering (mostly secured, with lower losses than the broader portfolio) is performing well; new home fixture secured product launched in early 2026 is seeing strong customer uptake and initial credit results, with expansion underway following a successful small test • Auto finance: Growth is driven by ongoing dealer network expansion, improved underwriting capabilities, and growing partner contributions • Credit cards: New Brightway card products (with and without rewards) are driving strong customer acquisition; marginal operating costs per account are down 25% year-over-year as the business scales, improving long-term profitability - Technology and Efficiency Investments • Rolling out a new streamlined loan origination system to support profitable growth • Deployed an internal AI tool that provides 9,000+ team members with instant access to policy and procedural information, improving service speed and efficiency; AI is also being used to streamline product development and piloted in other high-value areas in a controlled manner • Enhanced analytics leveraging customer bank data to deliver more personalized offers, strengthen underwriting, improve credit outcomes, and increase pull-through rates - Capital Allocation • Maintains an annualized dividend of $4.20 per share, representing a 7% yield at current share prices • Repurchased 576,000 shares for $32 million in Q2 2026, bringing year-to-date repurchases to $137 million (more than three times the repurchase volume in H1 2025) • Raised $1.1 billion in the secured ABS market in Q2, strengthening the funding profile; net leverage remains 5.5x, within the 4-6x target range • Capital priorities are: 1) Invest in organic growth for opportunities meeting 20% ROE thresholds, 2) Maintain the regular dividend, 3) Deploy excess capital to share repurchases and strategic opportunities
Guidance
- Management maintained all full-year 2026 guidance, with no upward or downward revisions • Full-year managed receivables growth is expected to remain in the 6% to 9% range, supported by momentum across all three product segments • C&I net charge-offs are projected to be between 7.4% and 7.9%, with management expecting significant loss improvement in the second half of 2026 driven by positive early and late-stage delinquency trends • Full-year operating expense ratio guidance is maintained at approximately 6.6% • Funding costs are expected to remain at current (Q2 2026) levels for the remainder of 2026 • The overall loan loss reserve ratio is expected to rise modestly to ~11.7% in H2 2026, driven by the rapid growth of the higher-reserve credit card segment • Consumer loan yields are expected to remain near recent levels and follow typical seasonal patterns, with a slight moderation in H2 2026 after reaching 22.7% in Q2 • Quarterly policyholder benefits and claims expense is expected to remain in the mid-$50 million range going forward
Segment performance
1. Core Personal Loans: Year-over-year originations grew 10%. Consumer loan yield hit 22.7%, up 11 bps year-over-year. Consumer loan net charge-offs (excluding credit cards) were 7.8%, down 25 bps sequentially. Personal loans represent the majority of the $26.9 billion total managed receivables portfolio. 2. Auto Finance: Year-over-year originations grew 19%, total receivables reached $3 billion (up 14% year-over-year). Credit performance remains in line with expectations and outperforms the broader industry. 3. Credit Cards: Receivables grew nearly $400 million year-over-year, customer accounts increased 44% year-over-year to 1.3 million, and purchase volume grew 57% year-over-year. Total card revenue yield increased 330 bps year-over-year to 33.6%. Credit card net charge-offs declined 186 bps year-over-year to 17.7%, and 30-plus delinquency fell 146 bps year-over-year. Credit card receivables represent ~4% of total managed receivables as of Q2 2026.
Risks & headwinds
- The pre-August 2022
Analyst Q&A
Q: Analyst asks for more detail on the expected trajectory of net charge-offs given the wide 7.4-7.9% guidance range, and asks if improving delinquency trends suggest results will land near the lower end of the range. /
A: Management notes all delinquency metrics are moving in the expected positive direction: 30-89 day delinquency is down 7 bps year-over-year, 30+ day delinquency is down 4 bps, and 90+ day delinquency growth has slowed sharply from last quarter. Management maintains the full guidance range, but notes that if current favorable seasonal delinquency trends continue, results could approach the midpoint of the range.
Q: Analyst asks about the trajectory of the overall loan loss reserve ratio, after a larger-than-expected increase in Q2 driven by credit card growth, and whether the reserve impact will moderate going forward. /
A: The reserve ratio increase is entirely a portfolio mix effect, as credit cards carry a reserve rate ~twice that of personal loans. Even with improving credit card credit performance, continued strong credit card growth will push the overall reserve ratio up modestly to ~11.7% in H2 2026, though the change will not be large.
Q: Analyst asks about the drivers of elevated Q2 recoveries, and whether strong recoveries can be sustained in H2 2026. /
A: Strong recoveries stem from two factors: ongoing investments in internal collection processes (which drive 80% of total recoveries) and larger inventory of charged-off loans available for sale at attractive prices (which make up ~20% of recoveries, a slightly higher share than normal). Management expects strong recoveries to continue in H2, running at levels between Q1 and Q2 2026 results.
Q: Analyst asks for an update on the ILC (Industrial Loan Company) approval process and whether strong current origination performance could push receivables growth to the upper end of the guidance range. /
A: Management says there is no new update on the ILC application, noting it would be accretive but is not required to execute the company's long-term strategy. While origination growth is strong across all business lines driven by product innovation, management is maintaining the current 6-9% receivables growth guidance and remains disciplined on underwriting standards.
Q: Analyst asks if strong current credit performance and positive stress testing would lead to a reduction in the 30% stress underwriting overlay, which could drive faster growth. /
A: Management notes growth is an outcome of strong products and discipline, not a target to chase. While current originations are performing better than modeled, stress testing results have not yet crossed the 20% ROE threshold required to loosen the overlay, so no changes to the credit box are planned at this time.